Transcorp Group Grows Pre-tax Profit By 93.5% In 2023

Transnational Corporation Plc, has posted a growth of 93.5 per cent in its profit before tax for the year ended December 31, 2023.

The group audited results released to the investing public on the Nigerian Exchange revealed that Transcorp achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3 per cent increase. The strong performance is further demonstration of the group’s strategic focus and effective execution.

Profit before tax surged by 93.5 per cent, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year. Profit after Tax improved 91 per cent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year, while earnings per share of the Group stood at 40 kobo compared to 19 kobo in 2022.

Operating expenses saw an increase of 22.6 per cent year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation. Net Finance Cost increased by 46 per cent to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.

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The total assets grew by 20 per cent to N529.9 billion in the full year 2023, up from N442.7 billion in December 2022.

Meanwhile, the board of directors for the period under review proposed a dividend payment of N4.065 billion, being 10 kobo per share as against N2.032 billion paid in 2022.

Speaking on the results, president/group chief executive officer of Transcorp, Dr. Owen Omogiafo said, “the financial results for 2023 underscore our group’s strong operational performance and the results of our strategic initiatives.  Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively.

“Our primary objectives remain centred on achieving sustainable growth, enhanced operational and technical efficiency, and maximising value for shareholders.”

Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

Transnational Corporation Plc is one of Africa’s listed Conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 15 per cent of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL281.  The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.